Never miss an update

Nike 14625 Rosherun FB yeezy size 13 retro authentic retro vtg vintage OG rare authentic runner boost 744703f

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Modified Item: No
US Shoe Size (Men's): 13 Style: running, Cross Training
Brand: Nike UPC: Does not apply
Never miss an update

Nike 14625 Rosherun FB yeezy size 13 retro authentic retro vtg vintage OG rare authentic runner boost 744703f -

    Nike 14625 Rosherun FB yeezy size 13 retro authentic retro vtg vintage OG rare authentic runner boost 744703f
    Nike 14625 Rosherun FB yeezy size 13 retro authentic retro vtg vintage OG rare authentic runner boost 744703f
    2006 NIKE SB DUNK LOW PREMIUM UTT UNTOLD TRUTH PHILA STARS GREY RED 313463-161 9 , Nike Roshe One NM Flyknit SE 816531-001 Men's Sizes US 9.5 ~ 11.5 / New in BoxNIKE Field General II Football Black Orange White Training Shoes NEW Mens 10.5 , NEW BALANCE 997 SZ 8 AGE OF EXPLORATION MADE IN USA GRAY GREY ORANGE M997CHT , Nike epic react Be True : 44 eur / 10 usNike Air Force 1 Mid Size 11 Style Foliage , NIKE AIR MAX 95 ESSENTIAL MEN’S ATHLETIC SHOES 749766-510 Sz 6 PERSIAN VIOLET , adidas NMD R2 PK Wings & Horns Primeknit Hint Grey White (BB3118) Size 12.5Nike Air Jordan 7 Retro Olympic Tinker White Blue Red Gold 304775 123 Size 9Nike Roshe Tiempo Vi Fc Men's ShoesPRE OWNED NIKE LEBRON X LOW SIZE 9.5 KNICKS HWC SNEAKERS AUTHENTIC 579765 800Nike AF Air Force 1 Mid Black/Black-Gum Light Brown (GS) (AJ0424 001) , New Balance 1500 ELITE EDITION 10.5 GREAT COLORS Tried On ONCE Never Worn , 2016 Under Armour Curry 3 Dub Nation Home Sz 10 (0015) 1269279-102Nike SB Zoom Blazer Mid QS Lance Mountain Black Multi-color AH6158-090 Size 11.5 , Asics Tiger GEL-Lyte V [H6Q4L-5151] Men Casual Shoes Navy/Blue PrintNike Zoom Kobe XI 11 Elite Low Easter Shoes Mango Grey 822675-078 Mens Size 10.5 , Men/Women New Balance Mens Nbg3001 Golf Shoes service First quality Fine wild , Converse Pro Leather The Scoop Champions Think 16 - Size 8 10 11 - SHIPS NOW , Rebook Question Mid Allen Iverson HOF Black Suede White 11.5 AI Basketball ShoesNike Air Jordan Super. Fly 2 Christmas Black-Total Orange-Reflective Silver sz9 , Man's/Woman's Nike Air Force 1 Supreme New product Elegant style Fashion versatile shoesNike Air Max LD Zero Fragment NikeLab Mens Triple Black 885893 001 Rare NIBAdidas Originals Superstar Animal [S75158] Men Casual Shoes Red/White-Gold , Nike Zoom Kobe XI 11 Elite Low Easter Shoes Mango Grey 822675-078 Mens Size 12 , Mens Nike Kobe 11 Elite Low XI Easter Shoes Bright Mango Grey SZ 10 822675-078NikeLab Dunk Lux RT 5 841647 010 Black White Riccardo Tisci Givenchy Nike HighNIKE LUNAR FORCE 1 FUSE NRG "BEARBRICK" 573980-104 US10NIB Nike Lebron XIV MAG Marty Mcfly Back to the Future [852405-005] Sz 8.5
    Nike 14625 Rosherun FB yeezy size 13 retro authentic retro vtg vintage OG rare authentic runner boost 744703f ->Nike 14625 Rosherun FB yeezy size 13 retro authentic retro vtg vintage OG rare authentic runner boost 744703f -
    Chic PU Leather Rabbit Fur Block Heel Tassel Pull On Square Toe Women Ankle BootAquazzura Whip It Boots Black Suede Size US 6 NEW IN BOX CHIC! NWT $1,495CORRAL Women's Black/Antique Saddle Wing and Heart Inlay Snip Toe Boots A1975Men/Women Bogs Crandall Wool WMS Plum 6 Beautiful design First grade in its class Don't worry when shopping , RICHMOND MAN SNEAKER SHOES CASUAL FREE TIME LEATHER CODE 7605Reef Cushion Bounce Phantom Le Black Brown , Mr/Ms Andre Assous Women's Parker Slip-On Loafer Guarantee quality and quantity Attractive fashion Very good classification , Steve Madden Hugh Embellished Mule 1/2" Heel Slip-on size 6.5 NEW IN BOX , BELLA VITA VIVIEN BLACK LEATHER SLIP-ON FLATS SHOES ~ SIZE 9 M ~ NEW IN BOX , Luciano Barachini Black Leather Peep Toe Buckle Pumps Size 39 , Men's/Women's Salvatore-Ferragamo-3920-Italy-Patent-Slingback-Pumps-Heels-Women--US-6.5B Best-selling worldwide excellent high quality productVince Camuto VC-TALISE Womens Talise Dress Pump- Choose SZ/Color. , New Balance Men's FuelCore Rush V3 Running Shoe - Choose SZ/ColorMan's/Woman's Adidas originals n-5923 Navy Size 6 durable Latest styles AmoyNew Size 11 Men’s Nike REAX Training TR Running Shoes 616272-001Jordan Trunner LX High Wheat men sneakers NEW golden harvest AA1347-725NIKE AIR FORCE 1 SF AF1 MID SPECIAL FIELD OBSIDIAN NAVY BLUE SZ 14 [917753-400]Nike Air Flight Bonafide Men's Plum Sneaker Sz 9.5 6052MENS ADIDAS CRAZY POWER MEN'S WEIGHTLIFT RUNNING/SNEAKERS/TRAINING SHOESMens Nike Air Max Goaterra 2.0 Waterproof Boots Cargo Khaki 916816-300 10.5 15IMPULSE By STEEPLE GATE Mens Sz 8.5 Tan Leather VERO CUOIO Loafers Made in ITALYConverse BO-157855C_WOLF_GREY_WOLF_GREY sneaker Women's - colour Grey USNEW BALANCE WOMENS 857 CROSS TRAINER WALKER SIZE 11 MEDIUM B WIDTH NEW NAVY BLUE , Puma Creeper x Fenty Rihanna Cracked Leather Black 3 4 5 6 7 8 SportsLockerMan/Woman WOMEN’S SHOES GOLA MONTREAL MIRROR CLA833 Charming design special promotion At an affordable priceWinter Womens Pointy Toe Pleated Fur Trim Knee High Boots Shoes Stilettos Pumps , NIB $348 Donald J Pliner Tracey Stretch Leather Heeled Boot Expresso Brown 6.5L'Autre Chose Shoes 779442 Brown 37Tony Lama Brass Mardi Gras VF303 Distressed Leather Cowboy Boots Women's 7.5 BNEW Dolce Vita Trent Bootie Size 6.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike 14625 Rosherun FB yeezy size 13 retro authentic retro vtg vintage OG rare authentic runner boost 744703f -

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    Nike 14625 Rosherun FB yeezy size 13 retro authentic retro vtg vintage OG rare authentic runner boost 744703f -

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.


    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?


    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    Nike 14625 Rosherun FB yeezy size 13 retro authentic retro vtg vintage OG rare authentic runner boost 744703f
    Athletic Shoes